Courting Big Tech pays dividends

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Cyprus courting Big Tech and Fintech companies has started paying off, as some are packing their bags to relocate, such as France’s Murex opening offices in Nicosia.

Paris-based Murex is a leading European software producer in trading, treasury, risk, and post-trade operations for financial markets.

Murex announced its Cyprus debut on its website.

Expanding to Cyprus aims to enhance the firm’s standings in Europe, the Middle East, and Africa.

Murex is essentially moving its Beirut base to Nicosia.

Their new offices are situated in a key location between Kennedy and Niki’s Avenue, near the capital’s busy centre.

The company is optimistic their new offices will contribute to further supporting and developing their business in international markets while promoting Cyprus’ innovation advancement.

Murex employs more than 2,000 worldwide, with the move vindicating stakeholders promoting Cyprus as a big tech and fintech hub.

“We hope this is another steppingstone to promote our country as an ideal destination for ICT companies, helping the digitalisation process in Cyprus,” said Invest Cyprus head George Campanellas.

Invest Cyprus, the state agency spearheading efforts to attract foreign investment, launched a five-year action plan in 2019 focusing on attracting Tech and Fintech companies and their executives.

Benefits

“Benefits for the Cypriot economy are significant and horizontal and include an increase in the tax base, an increase in consumption and indirect taxes, support for the professional services and real estate sectors, and the creation of new jobs,” Campanellas told the Financial Mirror.

“To do this, we needed to spend time and energy on setting up an effective campaign marketing Cyprus as an ideal place for third-country companies to set up headquarters or an alternative EU base.”

He argued that bringing in such companies would push unemployment down, as they are also expected to create jobs for Cypriots.

“Take AMDOCS, for example; they set up shop with just 15 employees and now employee some 1,000 people.”

The Israeli NASDAQ-listed company specialises in software and services for communications, media and financial services providers and digital enterprises.

Invest Cyprus joined forces with international Information and Communications Technology companies to promote the island as an ideal destination for ICT firms, creating the Cyprus Tech Association.

The Cyprus Tech Association provides a platform for ICT companies to promote new opportunities, partnerships, and ways to develop a regional hub.

The Association represents major international ICT firms operating in Cyprus; NCR, Amdocs, Wargaming, eToro, and 3CX.